Several current and past principals of Payette own the building, including namesake Thomas Payette, but sources say the asset is under agreement to Aegean Capital LLC, a New York City-based investment group founded last year by Constantine Alexakos. The firm is presently performing due diligence, sources say, but is expected to complete that process shortly. According to some estimates, the 54,000-sf building could trade for close to or above $300 per sf, with the deal projected between $14 million and $16.5 million.

If the deal does reach that level, it would be near record pricing for the submarket, with only a few other sales topping the $300-per-sf threshold. Fort Point Channel and the larger Seaport District have been a popular target for investors, many lured by the rebounding class B office market and the upside from billions of dollars in public infrastructure that has poured into the area. The city's gleaming new $800-million convention center is just a few blocks east from 285 Summer St., while the South Station transit center and Financial District are located nearby to the west.

"Its one of the best buildings on Summer Street," relays one observer familiar with 285 Summer St. Attributes include abundant natural light, 14-foot ceilings and substantial investment into the property's interiors. There is also a level of parking and a flexible footprint that can accommodate a single user or multiple tenants. One supposed question mark is the future of Payette Associates at the home where it has been since the early 1990s. The company has just under four years left on its lease, offering a measure of term but flexibility for possible future uses. Some of the prospective buyers supposedly were eyeing 285 Summer St. as a residential play, but renewal of Payette is another option others were said to favor.